Iran proposed formation of multinational transport fund

Shahriyar Afandizadeh attended the meeting of transport ministers of the neighboring countries in Baghdad.

The meeting hosted transport ministers from the neighboring countries and the member states of the Persian Gulf Cooperation Council (PGCC), on May 27, 2023, and represented the endeavors of Iraq’s Government to strengthen cooperation and foster economic integration with the regional countries. Iraq’s government envisions a road and rail project to link Asia and Europe with about $17 billion investments.

Emphasizing the role of governments in promoting regional trade and supply chain management along transport corridors through key agreements and alignment of policies,  Afandizadeh proposed Iran’s strategic initiatives for greater synergy among transport corridors and transit routes.

The initiatives included the formation of a joint steering committee for management and supervision, the establishment of a joint fund for financing and investment in transport infrastructures, and multinational transport and logistics companies for facilitating the transfer of technological experiences in the field of logistics and multimodal transportation.

The joint steering committee can advance policies and strategies including targeting volumes of annual transit between countries in the short and long term through existing and future corridors, supporting the joining of non-member countries to corridors, creating a unified management mechanism for all transit corridors of the member countries in line with the realization of the aforementioned targeting and also removing the obstacles for the development of corridors, he further explained.

MNA/PR